October 18, 2012

How's your blood pressure today?

Mitt Romney’s opposition to the auto bailout has haunted him on the campaign trail, especially in Rust Belt states like Ohio. There, in September, the Obama campaign launched television ads blasting Romney’s November 2008 New York Times op-ed, “Let Detroit Go Bankrupt.” But Romney has done a good job of concealing, until now, the fact that he and his wife, Ann, personally gained at least $15.3 million from the bailout—and a few of Romney’s most important Wall Street donors made more than $4 billion. Their gains, and the Romneys’, were astronomical—more than 3,000 percent on their investment.

Yup, you read that right. A THREE THOUSAND PERCENT RETURN on their investment.

Sure.....this election is meaningless......you haven't been paying attention. Romney's austerity measures will throw us into a deep recession within 9 months of his election as the middle and lower classes get hammered by benefit and income cuts. The previous recession was the result of the largest deleveraging event in the history of capitalism and the resulting reduced demand. This deleveraging event is ongoing and a full recovery will not take place until it is completed. These planned austerity measures will crush demand and economic activity.

On a positive note, the recession will be so severe that the stock market and other financial institutions will fall off a cliff and take many of the 1 percenters with it. I already have a spreadsheet in place to tally the suicides.

To follow up on Shared Humanity's positive note: as an avowed follower of V.I. Lenin & a real Socialist (unlike the current president) my analysis of the U.S. election indicts that Romney becoming President would be the most favourable outcome for the prospects of world revolution.